Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Sep. 30, 2013 | |
Document and Entity Information | ' |
Entity Registrant Name | 'Poly Shield Technologies Inc. |
Document Type | '10-Q |
Document Period End Date | 30-Sep-13 |
Amendment Flag | 'false |
Entity Central Index Key | '0001143238 |
Current Fiscal Year End Date | '--12-31 |
Entity Common Stock, Shares Outstanding | 187,995,005 |
Entity Filer Category | 'Smaller Reporting Company |
Entity Current Reporting Status | 'Yes |
Entity Voluntary Filers | 'No |
Entity Well-known Seasoned Issuer | 'No |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Current Assets | ' | ' |
Cash | $357,035 | $6,969 |
Accounts receivable | 287,902 | ' |
Prepaids | 95,534 | 2,308 |
Advances | ' | 80,000 |
Due from related party | 151,886 | ' |
Total Current Assets | 892,357 | 89,277 |
Equipment | 14,462 | ' |
Investment in option and license | 730,728 | 946,355 |
Investment in distribution and license rights | 49,467 | ' |
Total Assets | 1,687,014 | 1,035,632 |
Current Liabilities | ' | ' |
Accounts payable | 196,381 | 156,494 |
Accrued liabilities | 192,049 | 112,577 |
Unearned revenue | 1,250,000 | ' |
Notes and advances payable | 935,533 | 691,060 |
Due to related parties | 5,565 | 30,101 |
Total Current Liabilities | 2,579,528 | 990,232 |
Stockholders' Deficit | ' | ' |
Common stock value | 187,995 | 33,745 |
Additional paid-in capital | 2,240,253 | 2,295,003 |
Accumulated deficit | -3,332,427 | -2,295,013 |
Accumulated other comprehensive income | 11,665 | 11,665 |
Total Stockholders' Equity (Deficit) | -892,514 | 45,400 |
Total Liabilities and Stockholders' Equity (Deficit) | $1,687,014 | $1,035,632 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Balance Sheet | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 187,995,005 | 33,745,005 |
Common stock, shares outstanding | 187,995,005 | 33,745,005 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Statement | ' | ' | ' | ' |
Survey income | $60,000 | ' | $60,000 | ' |
Royalty income | 273,655 | -929 | 287,631 | 4,548 |
Total revenues | 333,655 | -929 | 347,631 | 4,548 |
Operating expenses | ' | ' | ' | ' |
Amortization | 73,450 | 71,875 | 219,409 | 131,770 |
General and administrative expense | 458,183 | 115,129 | 948,784 | 258,608 |
Royalty fee | 25,000 | 25,000 | 75,000 | 45,833 |
Loss before other items | -222,978 | -212,933 | -895,562 | -431,663 |
Other items | ' | ' | ' | ' |
Interest expense | -51,524 | -32,325 | -141,852 | -58,820 |
Net income (loss) | ($274,502) | ($245,258) | ($1,037,414) | ($490,483) |
Net income (loss) per common share - basic and diluted | $0 | ($0.01) | ($0.01) | ($0.01) |
Weighted common shares outstanding - basic and diluted | 187,910,222 | 33,402,614 | 167,547,935 | 32,771,039 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (Deficit) (USD $) | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Total |
Beginning Balance, amount at Dec. 31, 2011 | $31,728 | $1,292,020 | ($1,517,213) | $11,665 | ($181,800) |
Beginning Balance, shares at Dec. 31, 2011 | 31,727,775 | ' | ' | ' | ' |
Adjustment to shares due to rollback (shares) | 564 | ' | ' | ' | ' |
Shares issued on purchase of a license agreement, shares | 1,666,667 | ' | ' | ' | ' |
Shares issued on purchase of a license agreement, value | 1,667 | 898,333 | ' | ' | 900,000 |
Shares issued for cash, shares | 350,000 | ' | ' | ' | ' |
Shares issued for cash, value | 350 | 104,650 | ' | ' | 105,000 |
Net loss for the period | ' | ' | -777,800 | ' | -777,800 |
Ending Balance, amount at Dec. 31, 2012 | 33,745 | 2,295,003 | -2,295,013 | 11,665 | 45,400 |
Ending Balance, shares at Dec. 31, 2012 | 33,745,005 | ' | ' | ' | ' |
Shares issued under employeement agreement, shares | 154,000,000 | ' | ' | ' | ' |
Shares issued under employeement agreement, value | 154,000 | 81,466,000 | ' | ' | 81,620,000 |
Deferred compensation | ' | -81,620,000 | ' | ' | -81,620,000 |
Shares issued for purchase of subsidiary, shares | 100,000 | ' | ' | ' | ' |
Shares issued for purchase of subsidiary, value | 100 | 52,900 | ' | ' | 53,000 |
Shares issued for services, shares | 150,000 | ' | ' | ' | ' |
Shares issued for services, value | 150 | 46,350 | ' | ' | 46,500 |
Net loss for the period | ' | ' | -1,037,414 | ' | -1,037,414 |
Ending Balance, amount at Sep. 30, 2013 | $187,995 | $2,240,253 | ($3,332,427) | $11,665 | ($892,514) |
Ending Balance, shares at Sep. 30, 2013 | 187,995,005 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Cash Flows from Operating Activities | ' | ' |
Net loss | ($1,037,414) | ($490,483) |
Non cash items | ' | ' |
Amortization | 219,409 | 131,770 |
Website design | 46,500 | ' |
Foreign exchange expense | -6,141 | ' |
Changes to operating assets and liabilities: | ' | ' |
Accounts receivable | -287,902 | 4,373 |
Prepaids | -93,226 | -10,051 |
Advances receivable | 80,000 | ' |
Accounts payable | 39,887 | 48,116 |
Accrued liabilities | 79,472 | 41,995 |
Unearned revenue | 1,250,000 | ' |
Due from related parties | -151,886 | ' |
Due to related parties | -24,536 | 6,873 |
Accrued interest | 141,235 | 22,170 |
Net cash provided by (used in) operating activities | 255,398 | -245,237 |
Cash Flows from Financing Activities | ' | ' |
Issuance of common shares | ' | 105,000 |
Notes payable to related party | ' | 12,000 |
Advance payable to related party | ' | 15,000 |
Notes payable | 109,379 | 463,147 |
Net cash provided by financing activities | 109,379 | 595,147 |
Cash Flows from Investing Activities | ' | ' |
Equipment | 14,711 | ' |
Investment in option agreement | ' | 250,000 |
Net cash used in investing activities | -14,711 | -250,000 |
Net increase in cash | 350,066 | 99,910 |
Cash, beginning of period | 6,969 | 707 |
Cash, end of period | 357,035 | 100,617 |
Supplemental Disclosure of Cash Flow Information: | ' | ' |
Income tax | ' | ' |
Interest | $92,731 | $36,706 |
Organization_and_Nature_of_Ope
Organization and Nature of Operations | 3 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
Organization and Nature of Operations | ' |
NOTE 1 - ORGANIZATION AND NATURE OF OPERATIONS | |
Poly Shield Technologies Inc. (the “Company”) was in the global wireless tracking business in Europe until November 1, 2004, when it exchanged this business for a royalty of 6% on future gross sales. This royalty agreement expires on October 31, 2015. | |
On March 12, 2012, the Company entered into an agreement to purchase the rights to market the products of Teak Shield Corp. (“Teak Shield”). Teak Shield has several proprietary processes for the production of coatings used to protect surfaces from corrosion, oxidation and degradation (Note 4). | |
On December 1, 2012, the Company entered into an agreement (the “Employment Agreement”) with Rasmus Norling (the “Vendor”), the inventor and owner of certain technology used to remove alkali metal from fuel in efforts to protect gas turbines from corrosion (Note 3). | |
On January 31, 2013, the Company acquired all of the issued and outstanding shares in the capital of Ecolutions, Inc., (“Ecolutions”) which was formed by the Vendor on November 15, 2012, for the purpose of developing and marketing environmental and pollution emission solutions internationally. As a result of the acquisition, Ecolutions became a wholly owned subsidiary of the Company (Note 5). | |
On April 8, 2013, the Company acquired all of the outstanding shares of New World Technologies Group Inc. (“New World”) for consideration of $1. At the time of the acquisition, New World had no assets or liabilities. | |
Basis of presentation | |
The unaudited interim consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. They do not include all information and notes required by generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the notes to the financial statements included in the Annual Report on Form 10-K of the Company for the year ended December 31, 2012. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2013, are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. For further information, these unaudited financial statements and the related notes should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2012, included in the Company’s report on Form 10-K. | |
Reclassifications | |
Certain prior period amounts in the accompanying consolidated financial statements have been reclassified to conform to the current period’s presentation. These reclassifications had no effect on the consolidated results of operations or financial position for any period presented. | |
Going Concern | |
The accompanying unaudited consolidated financial statements have been prepared assuming the Company will continue as a going concern. Continuation as a going concern is dependent upon the ability of the Company to obtain the necessary financing to meet obligations and pay its liabilities arising from normal business operations when they come due and ultimately upon its ability to achieve profitable operations. The outcome of these matters cannot be predicted with any certainty at this time and raise substantial doubt that the Company will be able to continue as a going concern. These unaudited interim consolidated financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern. Management intends to obtain additional funding by borrowing funds from its directors and officers, issuing promissory notes and/or a private placement of common stock. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | |||||
Sep. 30, 2013 | ||||||
Notes | ' | |||||
Related Party Transactions | ' | |||||
NOTE 2 - RELATED PARTY TRANSACTIONS | ||||||
The following table represents amounts due to related parties at September 30, 2013 and December 31, 2012: | ||||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
Due to a company controlled by a director (a) | $ | 5,565 | $ | 29,839 | ||
Due to a director of the Company (a) | -- | 262 | ||||
Due to related parties | $ | 5,565 | $ | 30,101 | ||
a) Amounts are unsecured, are due on demand and bear no interest. | ||||||
During the period ended September 30, 2013, the Company advanced $151,886 to a director of the Company for the reimbursement of expenditures that were anticipated to be incurred on behalf of the Company during the period. As at September 30, 2013, these expenditures are no longer expected to be incurred and the director will return the funds to the Company. The amount is unsecured, non-interest bearing and due on demand. | ||||||
As at September 30, 2013, $34,649 had been advanced to directors for reimbursement for future expenditures and have been recorded as prepaid expenses. | ||||||
During the nine months ended September 30, 2013 and 2012, the Company incurred the following direct expenses with related parties: | ||||||
30-Sep-13 | September 30, | |||||
2012 | ||||||
Administrative fees incurred to a company controlled by a director | $ | 135,000 | $ | 73,000 | ||
Management fees incurred to a director | 25,000 | 22,000 | ||||
Management fees incurred to a director of a subsidiary | 21,000 | - | ||||
Management fees incurred to an officer of a subsidiary | 18,000 | - | ||||
Survey fees incurred to a director | 60,000 | - | ||||
Total transactions with related parties | $ | 259,000 | $ | 95,000 | ||
Employment_Agreement
Employment Agreement | 3 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
Employment Agreement | ' |
NOTE 3 - EMPLOYMENT AGREEMENT | |
On December 1, 2012, the Company entered into an Employment Agreement with the Vendor. This agreement became effective on February 5, 2013 (“Effective Date”) when the Company’s board of directors determined that the Vendor had satisfied his obligations to deliver certain deliverables including a ten year license for the rights to utilize, market, sell and distribute emission abatement technologies and certain intellectual property (“Minimum Technology Rights”). Under the terms of the Employment Agreement, the Vendor was appointed the Company’s Chief Executive Officer and received a signing bonus of $180,000. Beginning on the first anniversary of the Effective Date, the Vendor will be paid an annual base salary of $180,000 per year. In addition, on the Effective Date, the Company issued 154,000,000 shares of its common stock with a fair value of $81,620,000, which were placed in escrow and will be released to the Vendor upon delivery of bona fide contracts for the sale or lease of products or services at a rate of one share for each $0.25 in revenue. Escrowed stock will be released in increments of 1,250,000 shares of common stock. Escrowed stock which will not be eligible for release by December 31, 2013, will be forfeited. |
License_Agreement
License Agreement | 3 Months Ended | |||||
Sep. 30, 2013 | ||||||
Notes | ' | |||||
License Agreement | ' | |||||
NOTE 4 - LICENSE AGREEMENT | ||||||
On March 12, 2012, the Company entered into a license agreement with Teak Shield (the “Teak Shield License”) and its owners Robert and Marion Diefendorf (the “Licensors”) whereby the Company has acquired a license to market and sell Teak Shield’s licensed products. In exchange, the Company agreed to pay a 5% royalty to the Licensors with a minimum $100,000 annual royalty payment, and agreed to issue to the Licensors 1,666,667 shares of the Company. At September 30, 2013, the Company has accrued $145,833 in royalty payable under this agreement. | ||||||
On April 13, 2012, the purchase of the Teak Shield License was completed and 1,666,667 shares with a fair value of $900,000 were issued. As part of the agreement the Company acquired a two year option to purchase 100% of the Licensor’s ownership and interest in its proprietary rights and assets (the “Teak Shield Option”) including all licensed products, manufacturing, patents, intellectual property, technology, contracts, trademarks and goodwill for $250,000. To exercise the Teak Shield Option the Company must pay an additional $2,750,000. | ||||||
The Teak Shield License and the Teak Shield Option are in effect for two years from the completion of the acquisition, and may be automatically renewed for a further two years. During the nine months ended September 30, 2013, amortization expense of $215,625 (2012 - $131,770) was recorded. | ||||||
The following table summarizes investment in option and license: | ||||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
Purchase price of Teak Shield License | $ | 900,000 | $ | 900,000 | ||
Purchase price of Teak Shield Option | 250,000 | 250,000 | ||||
Amortization | -419,272 | -203,645 | ||||
Total investment in option and license | $ | 730,728 | $ | 946,355 | ||
In connection with the purchase of the Teak Shield Option, on April 19, 2012, the Company signed a loan agreement for $260,000, repayable on October 31, 2013 (the “Acamar Loan”) (Note 8). Interest is calculated at 3.5% per month for an effective rate of 51% per annum. The minimum interest payable on the loan is $26,000. The loan is secured by the Teak Shield License. |
Distribution_and_License_Right
Distribution and License Rights | 3 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
Distribution and License Rights | ' |
NOTE 5 - DISTRIBUTION AND LICENSE RIGHTS | |
On January 31, 2013, the Company issued 100,000 shares of its common stock with a fair value of $53,000 as a purchase price for all of the issued and outstanding shares in the capital of Ecolutions which held the rights to the intellectual property of Green Tech Marine AS (“GTM”). As a result of acquiring Ecolutions, the Company acquired distribution and license rights to the Exhaust Scrubber (the “GTM Contracts”), a proprietary exhaust gas scrubber technology developed by GTM. | |
Under the terms of the GTM Contracts, the Company is granted exclusive distribution rights for the Exhaust Scrubber for all of North America and Singapore, as well as non-exclusive distribution rights for the rest of the world (excluding any existing GTM customers and customers not generated by the Company). | |
GTM has also provided the Company with an exclusive license to manufacture, sell and distribute the Exhaust Scrubber and the related technologies in North America and Singapore, and non-exclusive rights to the rest of the world (excluding any existing GTM customers and customers not generated by the Company). | |
The GTM Contracts are in effect for ten years until November 15, 2022, and may be automatically renewed for a further ten year period unless either party gives written notice of termination at least 90 days prior to the then current term. | |
The GTM Contracts are amortized over 10 years on a straight line basis. During the nine months ended September 30, 2013, amortization expense of $3,533 (2012 - $Nil) was recorded. |
Share_Capital
Share Capital | 3 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
Share Capital | ' |
NOTE 6 - SHARE CAPITAL | |
On February 5, 2013, we issued 154,000,000 shares of our common stock with a fair value of $81,620,000 as consideration for Mr. Norling’s employment agreement to act as Company’s Chief Executive Officer. | |
On January 31, 2013, we issued 100,000 shares of our common stock with a fair value of $53,000 as a purchase price for the Ecolutions, Inc to Mr. Norling. | |
On July 1, 2013, we issued 150,000 common shares with a fair value of $0.31 per share for a total fair value of $46,500 in consideration for consulting and web design services. |
Equipment_Note
Equipment Note | 3 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
Equipment Note | ' |
NOTE 7 - EQUIPMENT | |
During the nine months ended September 30, 2013, the Company acquired $14,711 in testing equipment. Depreciation of $249 was recorded as at September 30, 2013. |
Notes_and_Advances_Payable
Notes and Advances Payable | 3 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
Notes and Advances Payable | ' |
NOTE 8 - NOTES AND ADVANCES PAYABLE | |
On various dates during the nine months ended September 30, 2013, the Company received a total of $92,500 in advances. On September 9, 2013, the Company made a partial payment to repay accumulated interest totalling $90,000. As of September 30, 2013, the total amount of the principal of the note payable under the Acamar Loan is $377,500 (Note 4). On July 24, 2013, Acamar agreed to extend the Acamar Loan to December 31, 2013. | |
During the nine months ended September 30, 2013, the Company received advances for the total of $180,297. The advances do not bear interest, are due on demand and are unsecured. | |
During the nine months ended September 30, 2013, the Company repaid $55,000 in advances received from unrelated parties. The advances bore no interest, were unsecured and due on demand. | |
During the nine months ended September 30, 2013, the Company repaid $20,000 in principal and $2,731 in interest on a loan received from an unrelated party. The loan was unsecured and due on demand and bore interest at 8% per month compounded monthly. |
Unearned_Revenue
Unearned Revenue | 3 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
Unearned Revenue | ' |
NOTE 9 - UNEARNED REVENUE | |
During the quarter ended September 30, 2013, the Company received $1,250,000 in deposits on future installations. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2013 | |
Notes | ' |
Subsequent Events | ' |
NOTE 10 - SUBSEQUENT EVENTS | |
Subsequent to the quarter ended September 30, 2013, the Company entered into a settlement agreement with regard to the Royalty Agreement (Note 1). $270,502 was received by the Company on November 1, 2013 in settlement of a discrepancy for royalties earned by the Company on previous sales under the Royalty Agreement. The amount was accrued and included in accounts receivable as at September 30, 2013. |
Organization_and_Nature_of_Ope1
Organization and Nature of Operations: Basis of Presentation (Policies) | 3 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Basis of Presentation | ' |
Basis of presentation | |
The unaudited interim consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. They do not include all information and notes required by generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the notes to the financial statements included in the Annual Report on Form 10-K of the Company for the year ended December 31, 2012. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2013, are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. For further information, these unaudited financial statements and the related notes should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2012, included in the Company’s report on Form 10-K. |
Organization_and_Nature_of_Ope2
Organization and Nature of Operations: Reclassifications (Policies) | 3 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Reclassifications | ' |
Reclassifications | |
Certain prior period amounts in the accompanying consolidated financial statements have been reclassified to conform to the current period’s presentation. These reclassifications had no effect on the consolidated results of operations or financial position for any period presented. |
Organization_and_Nature_of_Ope3
Organization and Nature of Operations: Going Concern (Policies) | 3 Months Ended |
Sep. 30, 2013 | |
Policies | ' |
Going Concern | ' |
Going Concern | |
The accompanying unaudited consolidated financial statements have been prepared assuming the Company will continue as a going concern. Continuation as a going concern is dependent upon the ability of the Company to obtain the necessary financing to meet obligations and pay its liabilities arising from normal business operations when they come due and ultimately upon its ability to achieve profitable operations. The outcome of these matters cannot be predicted with any certainty at this time and raise substantial doubt that the Company will be able to continue as a going concern. These unaudited interim consolidated financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern. Management intends to obtain additional funding by borrowing funds from its directors and officers, issuing promissory notes and/or a private placement of common stock. |
Related_Party_Transactions_Sch
Related Party Transactions: Schedule of Related Party Transactions (Tables) | 3 Months Ended | |||||
Sep. 30, 2013 | ||||||
Tables/Schedules | ' | |||||
Schedule of Related Party Transactions | ' | |||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
Due to a company controlled by a director (a) | $ | 5,565 | $ | 29,839 | ||
Due to a director of the Company (a) | -- | 262 | ||||
Due to related parties | $ | 5,565 | $ | 30,101 |
Related_Party_Transactions_Sch1
Related Party Transactions: Schedule of Direct Expenses with Related Parties (Tables) | 3 Months Ended | |||||
Sep. 30, 2013 | ||||||
Tables/Schedules | ' | |||||
Schedule of Direct Expenses with Related Parties | ' | |||||
30-Sep-13 | September 30, | |||||
2012 | ||||||
Administrative fees incurred to a company controlled by a director | $ | 135,000 | $ | 73,000 | ||
Management fees incurred to a director | 25,000 | 22,000 | ||||
Management fees incurred to a director of a subsidiary | 21,000 | - | ||||
Management fees incurred to an officer of a subsidiary | 18,000 | - | ||||
Survey fees incurred to a director | 60,000 | - | ||||
Total transactions with related parties | $ | 259,000 | $ | 95,000 |
License_Agreement_Investment_i
License Agreement: Investment in option and license table (Tables) | 3 Months Ended | |||||
Sep. 30, 2013 | ||||||
Tables/Schedules | ' | |||||
Investment in option and license table | ' | |||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
Purchase price of Teak Shield License | $ | 900,000 | $ | 900,000 | ||
Purchase price of Teak Shield Option | 250,000 | 250,000 | ||||
Amortization | -419,272 | -203,645 | ||||
Total investment in option and license | $ | 730,728 | $ | 946,355 |
Organization_and_Nature_of_Ope4
Organization and Nature of Operations (Details) (USD $) | 107 Months Ended | |
Sep. 30, 2013 | Apr. 08, 2013 | |
Details | ' | ' |
Royalty on future gross sales in exchange for business | 6.00% | ' |
Acquisition cost for New World Technologies Group Inc. | ' | $1 |
Related_Party_Transactions_Sch2
Related Party Transactions: Schedule of Related Party Transactions (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Due to related parties, total | $5,565 | $30,101 |
Company controlled by a director | ' | ' |
Due to related parties | 5,565 | 29,839 |
Director | ' | ' |
Due to related parties | ' | $262 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Details | ' |
Amounts due to related party | 'Amounts are unsecured, are due on demand and bear no interest |
Due from related party | $151,886 |
Advance to related party, prepaid expense | $34,649 |
Related_Party_Transactions_Sch3
Related Party Transactions: Schedule of Direct Expenses with Related Parties (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Expenses incurred with related parties | $259,000 | $95,000 |
Company controlled by a director | ' | ' |
Expenses incurred with related parties | 135,000 | 73,000 |
Director | ' | ' |
Expenses incurred with related parties | 25,000 | 22,000 |
Director of a subsidiary | ' | ' |
Expenses incurred with related parties | 21,000 | ' |
Officer of a subsidiary | ' | ' |
Expenses incurred with related parties | 18,000 | ' |
Director (survey fees) | ' | ' |
Expenses incurred with related parties | $60,000 | ' |
Employment_Agreement_Details
Employment Agreement (Details) (Chief Executive Officer, USD $) | 0 Months Ended | |
Dec. 01, 2012 | Feb. 05, 2013 | |
Chief Executive Officer | ' | ' |
Signing bonus | $180,000 | ' |
Annual base salary | ' | 180,000 |
Shares of common stock issued and placed in escrow per agreement | ' | 154,000,000 |
Fair value of common stock issued | ' | $81,620,000 |
Revenue per share release | ' | $0.25 |
Number of incremental shares of escrowed stock to released | ' | 1,250,000 |
License_Agreement_Details
License Agreement (Details) (USD $) | 9 Months Ended | 0 Months Ended | 0 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Apr. 13, 2012 | Mar. 12, 2012 | Sep. 30, 2013 | Apr. 13, 2012 | Apr. 19, 2012 | |
Teak Shield License | Teak Shield License | Teak Shield License | Teak Shield Option | Teak Shield Option | |||
Annual royalty payment percentage | ' | ' | ' | 5.00% | ' | ' | ' |
Minimum annual royalty payment | ' | ' | ' | $100,000 | ' | ' | ' |
Shares agreed to be issued to licensors | ' | ' | ' | 1,666,667 | ' | ' | ' |
Royalty payable accrued | ' | ' | ' | ' | 145,833 | ' | ' |
Shares issued to licensors | ' | ' | 1,666,667 | ' | ' | ' | ' |
Fair value of shares issued | ' | ' | 900,000 | ' | ' | ' | ' |
Payment to acquire option to purchase business | ' | ' | ' | ' | ' | 250,000 | ' |
Exercise price for purchase option | ' | ' | ' | ' | ' | 2,750,000 | ' |
Amortization expense | 215,625 | 131,770 | ' | ' | ' | ' | ' |
Loan agreement | ' | ' | ' | ' | ' | ' | 260,000 |
*Loan agreement interest rate | ' | ' | ' | ' | ' | ' | 3.50% |
Loan agreement, effective rate | ' | ' | ' | ' | ' | ' | 51.00% |
Minimum interest payable | ' | ' | ' | ' | ' | ' | $26,000 |
License_Agreement_Investment_i1
License Agreement: Investment in option and license table (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Amortization for the period | ($419,272) | ($203,645) |
Total investment in option and lease | 730,728 | 946,355 |
Teak Shield License | ' | ' |
Purchase price | 900,000 | 900,000 |
Teak Shield Option | ' | ' |
Purchase price | $250,000 | $250,000 |
Distribution_and_License_Right1
Distribution and License Rights (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Amortization expense | $215,625 | $131,770 |
Ecolutions | ' | ' |
Shares of common stock issued for purchase | 100,000 | ' |
Fair value of purchase price | 53,000 | ' |
GTM Contracts | ' | ' |
Amortization expense | $3,533 | ' |
Share_Capital_Details
Share Capital (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Fair value of stock issued for employement agreement | $81,620,000 |
Fair value of stock issued for acquisition | 53,000 |
Fair value of stock issued for services | 46,500 |
CEO | ' |
Common stock issued for employment agreement | 154,000,000 |
Fair value of stock issued for employement agreement | 81,620,000 |
Purchase price for the Ecolutions, Inc | ' |
Common stock issued for acquisition | 100,000 |
Fair value of stock issued for acquisition | 53,000 |
Consulting and web design | ' |
Common stock issued services | 150,000 |
Fair value of stock issued for services | $46,500 |
Equipment_Note_Details
Equipment Note (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Details | ' |
Testing equipment acquired | $14,711 |
Depreciation recorded | $249 |
Notes_and_Advances_Payable_Det
Notes and Advances Payable (Details) (USD $) | 6 Months Ended | 9 Months Ended |
Jun. 30, 2013 | Sep. 30, 2013 | |
Total advances received during period | ' | $180,297 |
Advances redpaid during period | ' | 55,000 |
Loan repaid during period | 20,000 | ' |
Interest paid | 2,731 | ' |
Acamar Loan | ' | ' |
Total advances | ' | 92,500 |
Repayment of advance/note payable | ' | 90,000 |
Total note payable | ' | $377,500 |
Unearned_Revenue_Details
Unearned Revenue (Details) (USD $) | 3 Months Ended |
Sep. 30, 2013 | |
Details | ' |
Proceeds from deposits | $1,250,000 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | Nov. 01, 2013 |
Details | ' |
Amount received from settlement agreement | $270,502 |